Even as the damage from Hurricanes Harvey and Irma is still being tallied, a preliminary assessment released last week by black knight financial services estimated that as many as 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent, or more than 90 days past due.
Still, there are 1.18 million mortgaged properties in Harvey-related disaster areas, more than twice as many as were hit by Hurricane Katrina, with nearly four times the unpaid principal balance.
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As DS News reported on Wednesday, property damage caused by Hurricane Harvey is. the surrounding areas, there are over twice as many mortgaged properties and four times the unpaid principal.
$700B unpaid mortgage balances in Harvey and Irma disaster areas. Putting the Harvey damange in context, after hurricane katrina mortgage delinquencies in Louisiana and Mississippi disaster areas spiked by 25%. The same could happen in Houston, as borrowers without flood insurance weigh their options and decide to walk away from the property.
There are 2.08 million mortgaged properties in Irma-related FEMA disaster areas, more than four times that of Katrina and twice as many as Harvey. Total unpaid mortgage balances for Irma areas are $370 billion. If the correlation worked, there could have been half a million mortgage delinquencies in Florida, but, again, the storms were different.
$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And irma disaster areas. hurricane irma: Key West FREE Restaurant – Duration: 2:27. Dave Malkoff 923 views.
Even as the damage from Hurricanes Harvey and Irma is still being tallied, a preliminary assessment released last week by Black Knight Financial Services estimated that as many as 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent, or more than 90 days past due.
In terms of dollars, Irma involved three times the projected unpaid balances of mortgages potentially impacted by Harvey and 11 times more than did Katrina. Irma-related disaster areas now include..
· In the Houston area and outlying areas hit by Hurricane Harvey, there are more than twice as many mortgage properties with nearly four times the unpaid principal balance as.
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